Household wealth accumulation and portfolio choices in Korea

Cho, Sang-Wook

doi:10.1016/j.jhe.2009.10.002

Cited by 15 publications

(6 citation statements)

References 31 publications

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“…In the work of Grinstein-Weiss et al (2008) the three groups of assets most present were: vehicles (67.9% of the respondents); residencies (65.3% of respondents) and banking assets (58.8% of respondents). In the study by Cho (2010), 58.1% of the respondents had their own residency.…”

Section: Personal Assetsmentioning

confidence: 95%

“…In several studies, the item that represented the highest value in relation to total asset was the residency where the individual lived, reaching about 30% of total assets in the study of Ozawa and Lee (2006), 46% in Grinstein-Weiss and collaborators (2008) and 61% in Cho (2010). In the study by Wolff (2007), the value of residency was 30.1%, 30.2% and 28.2% of total assets in the years 1983, 1989 and 2001, respectively. In the study by Wolff (2007), banking assets corresponded to 21.6%; 20.9%; 11.1% of total assets in the years 1983, 1989 and 2001, respectively.…”

Section: Personal Assetsmentioning

confidence: 98%

“…The data presented by the candidates are compared with data from the general population. The selection of these categories is because they are the type of assets that appeared most frequently in the studies of Ozawa and Lee (2006), Grinstein-Weiss et al (2008) and Cho (2010).…”

Section: Box 1 Categories Of Assetsmentioning

confidence: 99%

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Consistência na declaração de bens dos candidatos nas eleições brasileiras: ficção ou realidade?

Souto-Maior

Borba

2019

Rev. Adm. Pública

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Resumo Neste artigo, os dados dos candidatos nas eleições brasileiras de 2010, 2012 e 2014 foram comparados com informações referentes à população brasileira. Ao todo, foram analisadas 486.832 candidaturas. Os candidatos apresentam maior idade e escolaridade do que a população em geral. Como pesquisas anteriores correlacionam positivamente idade e escolaridade com patrimônio, pode-se supor que os candidatos devem ter um patrimônio médio superior ao da população em geral. De fato, os candidatos tinham mais moradias e veículos do que a população em geral. Entretanto, a porcentagem de candidatos que apresentaram ativos bancários era muito baixa em comparação com a população em geral. Os resultados apontam que parte da declaração de bens dos candidatos não vem sendo preenchida corretamente, o que gera sério problema na relação principal-agente.

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Section: Personal Assetsmentioning

confidence: 95%

Section: Personal Assetsmentioning

confidence: 98%

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Consistência na declaração de bens dos candidatos nas eleições brasileiras: ficção ou realidade?

Souto-Maior

Borba

2019

Rev. Adm. Pública

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“…Almost 70 percent of US real estate is residential (see DiPasquale and Wheaton, 1996). As observed by Cho (2010), housing assets make up more than 60 percent of total net worth held by all households in Korea. Housing market is important for understanding economic growth and dynamics.…”

Section: Introductionmentioning

confidence: 93%

Economic growth with space and fiscal policies with housing and public goods

Zhang

2011

Journal of Economic Studies

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PurposeThis study aims to examine dynamic interactions among economic growth, geography and the housing market with public goods financed by the government. A general dynamic equilibrium model of an isolated economy with economic geography, local public goods and capital accumulation is to be constructed. The economy has three sectors, supplying industrial goods, housing, and local public goods. The model synthesizes the main ideas in neoclassical growth theory, the Alonso urban model, and the Muth housing model in an alternative framework to the traditional growth theory.Design/methodology/approachThe model is based on the neoclassical growth theory with an alternative approach to household behavior. The paper shows how to solve the dynamics of the economic system and simulate the model to demonstrate dynamic interactions among economic growth, housing market, residential distribution and public goods over time and space.FindingsThe paper simulates equilibrium and motion of the spatial economy with Cobb‐Douglas production and utility functions. The simulation demonstrates, for example, that, as the tax rate on the land income is increased, the total capital stocks and the stocks employed by the three sectors are increased, the rate of interest falls and the output of the industrial sector and the wage rate are increased, the land devoted to local public goods falls and the land rent and housing rent rise over space, the consumption level of the industrial goods and the total expenditures on the public goods are increased.Practical implicationsThe paper provides some possible implications of the model for complicated consequences of government policy over time and space. In particular, the paper shows that a change in government policy not only has a macroeconomic impact over time, but also affects the economic geography of the national economy.Originality/valueThe paper offers insights into the linkage among growth, national public policies and economic geography.

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“…We did not find many empirical studies related to life‐cycle portfolio choice regarding the Asian country. Iwaisako () and Cho () study the household life‐cycle consumption using Japanese and Korean survey data, respectively. Iwaisako explains the portfolio choices of Japanese households using survey data.…”

mentioning

confidence: 99%

Optimal Consumption and Investment Problem Incorporating Housing and Life Insurance Decisions: The Continuous Time Case

Kung¹,

Yang²

2019

J of Risk & Insurance

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This study considers the optimal consumption‐investment‐insurance problem incorporating housing decisions of a household when interest rates and labor income are stochastic. Under the complete market assumption, we derive the closed‐form solution of the optimal insurance demand, portfolio choice, and housing consumption. We calibrate the model using data from the financial market of Taiwan. We find that the insurer's pricing strategy has a significant impact on the household's consumption pattern. Specifically, additional loading in insurance premium allows the life‐cycle model to produce hump‐shaped consumptions of both perishable goods and housing. Loading also creates an unfair background risk to households. However, we only find a small portfolio risk reduction, because households optimally choose a large coverage to mitigate the mortality exposure. This suggests empirical background risk studies overestimate the risk reduction when insurance is available.

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Household wealth accumulation and portfolio choices in Korea

Cited by 15 publications

References 31 publications

Consistência na declaração de bens dos candidatos nas eleições brasileiras: ficção ou realidade?

Consistência na declaração de bens dos candidatos nas eleições brasileiras: ficção ou realidade?

Economic growth with space and fiscal policies with housing and public goods

Optimal Consumption and Investment Problem Incorporating Housing and Life Insurance Decisions: The Continuous Time Case

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